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REGISTERED NUMBER: 11190172 (England and Wales)















Unaudited Financial Statements for the Year Ended 27 February 2022

for

Prestige Properties & Development
Limited

Prestige Properties & Development
Limited (Registered number: 11190172)






Contents of the Financial Statements
for the Year Ended 27 February 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Prestige Properties & Development
Limited

Company Information
for the Year Ended 27 February 2022







DIRECTORS: S Daly
T G Smith





REGISTERED OFFICE: Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW





REGISTERED NUMBER: 11190172 (England and Wales)





ACCOUNTANTS: torr waterfield
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

Prestige Properties & Development
Limited (Registered number: 11190172)

Balance Sheet
27 February 2022

27.2.22 27.2.21
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,850,254 1,183,277

CURRENT ASSETS
Stocks 369,275 70,906
Debtors 5 2,578,366 771,382
Cash at bank and in hand 55,789 124,727
3,003,430 967,015
CREDITORS
Amounts falling due within one year 6 (1,389,852 ) (840,230 )
NET CURRENT ASSETS 1,613,578 126,785
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,463,832

1,310,062

CREDITORS
Amounts falling due after more than one
year

7

(1,944,676

)

(435,777

)

PROVISIONS FOR LIABILITIES (358,843 ) (153,596 )
NET ASSETS 1,160,313 720,689

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 1,008,745 635,850
Retained earnings 151,468 84,739
1,160,313 720,689

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 February 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Prestige Properties & Development
Limited (Registered number: 11190172)

Balance Sheet - continued
27 February 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2024 and were signed on its behalf by:





S Daly - Director


Prestige Properties & Development
Limited (Registered number: 11190172)

Notes to the Financial Statements
for the Year Ended 27 February 2022

1. STATUTORY INFORMATION

Prestige Properties & Development Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

Prestige Properties & Development
Limited (Registered number: 11190172)

Notes to the Financial Statements - continued
for the Year Ended 27 February 2022

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 28 February 2021 1,159,876 1,500 -
Additions 120,007 16,440 46,200
Disposals (80,000 ) - -
Revaluations 559,993 - -
At 27 February 2022 1,759,876 17,940 46,200
DEPRECIATION
At 28 February 2021 - 375 -
Charge for year - 3,265 532
Eliminated on disposal - - -
At 27 February 2022 - 3,640 532
NET BOOK VALUE
At 27 February 2022 1,759,876 14,300 45,668
At 27 February 2021 1,159,876 1,125 -

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 28 February 2021 39,200 402 1,200,978
Additions 30,700 1,700 215,047
Disposals (39,200 ) - (119,200 )
Revaluations - - 559,993
At 27 February 2022 30,700 2,102 1,856,818
DEPRECIATION
At 28 February 2021 17,150 176 17,701
Charge for year 2,040 176 6,013
Eliminated on disposal (17,150 ) - (17,150 )
At 27 February 2022 2,040 352 6,564
NET BOOK VALUE
At 27 February 2022 28,660 1,750 1,850,254
At 27 February 2021 22,050 226 1,183,277

Prestige Properties & Development
Limited (Registered number: 11190172)

Notes to the Financial Statements - continued
for the Year Ended 27 February 2022

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 27 February 2022 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2021 685,000 - -
Valuation in 2022 559,993 - -
Cost 514,883 17,940 46,200
1,759,876 17,940 46,200

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2021 - - 685,000
Valuation in 2022 - - 559,993
Cost 30,700 2,102 611,825
30,700 2,102 1,856,818

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

27.2.22 27.2.21
£    £   
Cost 514,883 474,876

Freehold land and buildings were valued on an open market basis on 27 February 2022 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
27.2.22 27.2.21
£    £   
Other debtors 2,578,366 771,382

Other debtors includes prepayments of £40,542 (2021: £nil).

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
27.2.22 27.2.21
£    £   
Bank loans and overdrafts 33,708 -
Trade creditors 302,783 -
Taxation and social security 15,818 12,492
Other creditors 1,037,543 827,738
1,389,852 840,230

Other creditors includes accruals of £6,000 (2021: £3,600).

Prestige Properties & Development
Limited (Registered number: 11190172)

Notes to the Financial Statements - continued
for the Year Ended 27 February 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
27.2.22 27.2.21
£    £   
Bank loans 1,944,676 435,777

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more than 5 years 406,777 406,777

Repayable by instalments
Bank loans more than 5 years 1,387,692 16,743

8. SECURED DEBTS

The following secured debts are included within creditors:

27.2.22 27.2.21
£    £   
Bank loans 1,952,286 406,777

Bank loans are secured by a fixed charge over assets of the company.